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Personal Accident Insurance: Protection, Claims, And Outliers

Accidents don’t send an alarm, which makes their outcome quite unpredictable. While accidents can be life-altering physically and emotionally, they definitely burden you financially. With personal accident insurance, you can at least manage the medical expenditure. This mediclaim policy comes with protective coverage against both accidental disability and death.

How can personal accident insurance protect you?

Personal accident insurance extends financial protection against an accident and covers any lost income thereby. Be it an unfortunate event due to an air, road or rail accident or that caused by fire, collision, explosion and other reasons; you can be assured of being covered by a personal accidental insurance policy. Such insurance can also provide you compensation for your monthly income to meet your daily expenses. 

Although you can also purchase this insurance as a rider under life insurance, you will not be able to derive all the benefits that are otherwise provided under a standalone personal accident insurance policy. This policy is available under individual and group personal accident insurance policies. 

Nature of coverage offered by a personal accident insurance policy

As a policyholder, you can expect your accident insurance policy to offer you the following covers. 

– Accidental disability coverage can be claimed for any disability caused by an accident, be it permanent or temporary. 

– Accidental death coverage can be claimed if the policyholder meets with an unfortunate death caused by an accident. 

– Accidental dismemberment covers loss of limbs, fingers, toes, sight or even permanent paralysis caused by accident. 

– The terrorism act has also been covered under the personal accident insurance policy and refers to the coverage provided to policyholders who experience injuries in case of a terrorist attack.

– You can expect coverage of hospital expenditure in cash every day for up to several days in case of hospitalisation arising from an accident. 

– You can get personal accident insurance cover for your family and yourself.

– Some insurance companies provide cover for funeral costs as well. 

All about the claim process of an accident insurance policy

Policyholders can claim their insurance benefits at the time of an eventuality. However, it is essential to know the process before applying for a claim. Here’s how to go about it.

  1. Inform the customer care of your insurance company immediately after the accident. With most top-notch insurance companies accessible through their official website, you can conveniently reach out to them. 
  2. Submit the duly filled-in insurance claim form. 
  3. Make sure to provide all necessary mediclaim policy documents concerning the case, including a death certificate, proof of partial disability or total disability, etc. 
  4. Expect your insurance provider to conduct scrutiny to understand the authenticity of the claim.
  5. Once your company approves the policy, you will receive the payment in your account. 
  6. In case of a rejection, the company might seek other documents. 

Make sure to take note of the exclusions of your health insurance policy before investing in it. Here are some common conditions for which your insurer does not provide coverage.

– Intentional suicide attempt

– Pre-existing disabilities or injuries

– Any accident caused due to intoxication such as drugs and alcohol

– Childbirth and pregnancy

– Accidents occuring from participation in unsafe or dangerous sports.

– Non-allopathic treatments

– Committing criminal acts

In conclusion

Personal accident insurance can be bought by anyone, especially those on a job requiring constant travel which could be any mode of transport. However, note that this kind of Mediclaim policy does not provide any tax benefit to the policyholder. 

mediclaim provdes coverage against medical expenses that one might incur. mediclaim policies provide tax benefits to policyholders’ as well. raising a cashless or reimbursement claim is easier with mediclaim policies.

Ghiselle Rousso
Ghiselle Rousso
I am a professional writer and blogger. I’m researching and writing about innovation, Blockchain, technology, business, and the latest Blockchain marketing trends.

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